Hong Kong police have dismantled a highly organized network that employed artificial intelligence and deepfake technologies to operate cryptocurrency investment scams.

Authorities detained 27 individuals behind the operations, which reaped around $46 million by scamming victims through sophisticated online romance schemes.

In a coordinated raid on Oct. 9, the HKPF raided a 4,000-square-foot industrial facility in Hung Hom and found an elaborate fraud center. The operation netted 21 men and six women, aged between 21 and 34, as well as computers, mobile phones, luxurious watches, and about $25,750 in suspected criminal proceeds.

The alleged scam ring used advanced AI technology to build up a fake persona that targeted male victims through dating websites, said Fang Chi-kin, head of the New Territories South regional crime unit. In video calls, the fraudsters manipulated images and voices using deepfake technology.

It recruited local university graduates as technical experts to collaborate in this scheme with international fraudsters to create an advanced digital infrastructure. The operation was well-organized, with training manuals in both Chinese and English detailing how to build trust and manipulate victims into investing in cryptocurrencies through fraudulent online platforms.

Superintendent Iu Wing-kan said the scammers created their cyber identities by building a story down to every smallest detail in characteristics such as appearance, personality, occupation, and even educational background. International dimensions began to emerge when many arrested suspects were found to be from China, Taiwan, India and Singapore.